What To Do When Lenders Won’t Take Back Collateral During Bankruptcy
Not every person that files bankruptcy decides to try to hang on to all of their personal property. There are cases where it makes the most sense to turn over collateral to the lender, and wipe the slate clean as far as the debt is concerned. This is referred to as surrendering property back to the lender, and it happens all the time in bankruptcy. If it is your plan to surrender your car,...